Advertising-technology company Innovid Inc. said it plans to go public through a merger with a new special-purpose acquisition company from ION Asset Management Ltd., adding to a growing list of ad-tech firms going public or considering deals.
Innovid is planning to raise $403 million through a roughly $150 million private investment in public equity, or PIPE, at $10 per share, and $253 million from the SPAC, called ION Acquisition Corp. 2.
ION Asset Management is an Israel-based investment management company.
“Innovid is entering an exciting new chapter of growth as a public company, a major milestone that corresponds with rising adoption and demands for streaming television,” said Zvika Netter, co-founder and chief executive of Innovid, in a statement.
Innovid’s existing investors, including Goldman Sachs, Sequoia Capital, NewSpring Capital, Genesis Partners and Vintage Investment Partners, will remain shareholders after the proposed SPAC merger is completed, the company said.
Innovid, ”, Zvika Netter, Goldman Sachs, Zoë Soriano, Alexandra Bruell
Innovid Inc, ION Asset Management Ltd, ION, Corp, Management, Sprinklr Inc, Science Inc, Inc, Viant Technology Inc, AppLovin Corp, DoubleVerify Holdings Inc, Taboola Ltd, Sequoia Capital, NewSpring, Genesis Partners, Vintage Investment Partners
Israel, New York